Open Door Capital: Verified Investor Reviews on Invest Clearly
4.47
Open Door Capital Website
Open Door CapitalOpen Door Capital Overview
Open Door Capital is a privately held real estate investment firm founded by Brandon Turner that specializes in mobile home parks, self-storage facilities and multifamily. Open Door Capital has nearly $1 billion in assets under management (AUM), a portfolio of more than 13,000 units, and has partnered with more than 2,000 investors. Visit odcfund.com/our-offerings to view current opportunities.
Address
Kiehi,
Hawaii
96753
Year Founded
2017
Operates In
Virginia
Florida
Georgia
Mississippi
Texas
Asset Classes
Multifamily
Storage
Mobile Home Parks
Accepted Investors
Accredited
highlighted review
Verified Investor
1.00
"Horrible experience as an LP so far"
Invested in the Sunbelt Fund so have nothing good to report with essentially no distributions since investing a few years ago. Seems the operators including Brandon are more interested in marketing new projects instead of making sure existing struggling projects are operating well. Not sure where their preferred returns investors came from but will see if their able to turn the ship around on this fund and at least return our original investment. For all you new investors this is the type of email they presented AS THEY WERE MARKETING NEW FUNDS on social and their websites. In addition, we’ve seen a 20%+ surge in material and labor costs associated with both CapEx and regular unit turns. These multiple compounding factors have dramatically impacted the performance of SDP, causing a significant strain on cash flow and our ability to continue completing our targeted level of interior rehabs to maximize the ROI on our unit turns. Our Options My team and I have been working closely with Disrupt Equity over the past few months on a plan and have now identified what we believe is the best path forward. The good news is that our current loan term doesn’t end until June - September 2025 (depending on the property), so we won’t need to refinance until later next year. Having said that, we're left with a couple of options: Option #1 – sell the asset immediately at the most inopportune time. Accounting for the current headwinds mentioned above, we would estimate a disposition price of around $80M-$84M, translating to a 53-62% loss of original equity. Option #2 – Obtain ~$3M of additional equity to extend the property’s runway and allow for the full execution of our business plan going into a refinance. This would also provide us more time for the markets to adjust and alleviate some of the headwinds mentioned above. Note that this equity is the minimum required to cover our operational shortfalls and business plan to carry us to a refinance. Depending on market conditions at the time of refinance, there is a chance that additional preferred equity may be required for a cash-in refinance. This is wholly dependent on the market in 2025, which we’re hopeful will improve relative to the last couple of years.
Open Door Capital
Thank you for sharing your feedback. This year, Open Door Capital has launched just one traditional fund, and our equity raised and deployed is projected to be less than ~20% of what we’ve done in previous years as we’ve dedicated our focus toward operations amidst challenging macroeconomic headwinds brought on by the unprecedented run up in interest rates and massive tax/insurance increases. In addition, a significant portion of the capital that we ARE raising this year is going to triage a few structurally challenged deals in our portfolio, including the Sunbelt Diversified Portfolio that you mentioned. Only ~3-5 of our 20+ investment offerings to date are experiencing these type of structural issues due to the unprecedented impact (inflation, interest rates, etc.) from the COVID-19 pandemic. Also our team has grown significantly over the past few years to support the size of our portfolio. We now have a team of more than 100 employees spread across different functions within the company, and we are collectively invested heavily alongside you in every single deal. We’re always here to talk if you have any further questions or need clarification on anything affecting performance. Just reach out to our Investor Relations team and we will set up a call with the appropriate team member to get your questions answered.
Verified Investor
1.00
"Invested $100,000. Might lose 90% of my investment."
I invested $100,000 in a multi-family property deal they had. I received an email asking if I wanted to receive only 10% of my investment back, a 90% loss, or try to get more of my money back with the new buyer. I would not invest with them again, and if you are considering it, please consider what happened to investors like me.
Open Door Capital
The multifamily asset class is facing serious headwinds, particularly in the Sunbelt markets. These challenges aren't unique to us. Across the industry, operators have been dealing with an unprecedented rise in interest rates—largely the result of aggressive fiscal policy in response to a once-in-a-lifetime pandemic. At the same time, we've seen surging insurance premiums, rising property taxes, and an overwhelming wave of new supply that’s flattened or even reversed rent growth in many markets. At the property you’re invested in, we’ve managed to maintain strong occupancy and have grown both revenue and NOI during our hold period to near underwriting targets. However, local cap rates have expanded by 1-2% during that same time, more than offsetting those gains and putting downward pressure on valuations beyond what anyone could have underwritten. Underperforming properties represent a small minority of our overall portfolio, but we’ve taken major operational and company-wide steps in response: - We’ve significantly slowed acquisitions since the headwinds began, including no new acquisitions in 2025—not because we can't, but because we want to maintain strategic focus on the assets already under management - We’ve relentlessly explored creative solutions to protect asset performance—though some were ultimately disrupted by last-minute legislative changes. - We continue to open all major decisions to investor votes, because transparency and alignment matter more now than ever. We know it's disappointing to be in a deal that doesn't go as planned. Please know we’re doing everything in our power to protect and preserve assets. If you have questions, we're always here to talk things over and we’ll keep sharing updates every step of the way.
Verified Investor
2.00
"Multiple ODC Funds: A Disappointment"
My investments in two ODC funds, marketed as "cash-growth" and "day one cash flow," have been disappointing. Distributions on both funds have been paused for multiple years, directly contradicting their initial stated goals. Although ODC's communication is acceptable, their consistent underperformance relative to even their most conservative projections is a significant concern.
Open Door Capital
We understand how concerning paused distributions can feel, but it's important to note that paused distributions aren’t always a sign of distress. In many cases, we pause as a proactive, strategic decision (to preserve capital, reinvest in the asset, or position the fund to weather market headwinds, etc). We'd love to talk do you about your specific investments and give you more detail into the strategy behind the decision and what we expect moving forward. Feel free to reach out at any time at investors@odcfund.com.
Sutter L.
5.00
"Love Open Door Capital!"
We’ve now invested in three deals with Open Door Capital and couldn’t be happier. The team is exceptional, the deals are solid, and their communication is clear and consistent. Before investing, we spoke with several references and consistently heard glowing feedback about how ODC operates. They’ve proven to be trustworthy and highly transparent. Overall, it’s been a great experience, and we’ve truly enjoyed partnering with ODC.
Zach M.
4.00
"So far, so Good"
Good onboarding. However, initial communication after investment was lacking. I had to reach out to find out some specifics of how the fund was doing in the first few months.
